Sonaecom: Half-year Net Result Up 83%, Driven by NOS
Sonaecom's performance in the first half of 2026 relies less on its own revenue, which declined slightly, than on the mechanics of its shareholdings.
The contribution from its 37.37% stake in operator NOS, accounted for using the equity method, constitutes the main driver of the half-yearly results for the holding company listed in Lisbon.
Attributable Net Result of €39.1 Million, NOS Contribution Up
In the first half of 2026, Sonaecom published an attributable net result to shareholders of €39.1 million, compared to €21.4 million a year earlier, representing an increase of 83.1%. Direct result stood at €39.4 million (+6.0%) and EBITDA at €38.0 million (+10.7%).
The contribution from equity accounting reached €47.3 million over the half-year, compared to €40.0 million a year earlier (+18.2%), essentially reflecting the change in NOS's net result.
The group's consolidated revenue totaled €8.6 million, down 3.7% year-on-year. Indirect results stood at -€2.1 million, compared to -€15.4 million in the first half of 2025, an evolution notably linked to a favorable foreign exchange impact over the period.
Holding Whose Result Depends Essentially on NOS
The figures illustrate the nature of Sonaecom as a holding company, whose result stems mainly from its shareholdings rather than from its integrated operational activity.
At NOS level, revenues remained globally stable over the half-year at €919 million, EBITDA grew by 1.5% to €409.3 million and EBITDA margin stood at 44.9%, up by 0.7 percentage points. NOS's net result reached €78 million in the second quarter, advancing by 34% year-on-year.
In May 2026, NOS distributed an ordinary dividend of €0.35 per share and an extraordinary dividend of €0.10 per share for fiscal year 2025, generating a receipt of €86.6 million for Sonaecom.
Strengthened Cash Position and Bright Pixel Expansion
The balance sheet shows a net cash position of €246.6 million at end of June 2026, compared to €205.8 million at end of 2025. This change includes €86.6 million of dividends received from NOS, €25.4 million of dividends paid and €18.2 million of net investment in the Bright Pixel portfolio.
In the Bright Pixel technology segment, four new companies were added to the active portfolio in the second quarter. The net asset value (NAV) of the active portfolio grew to €334.6 million at end of June 2026, corresponding to an implicit multiple of approximately 1.4 times invested capital.
Over the half-year, Sonaecom's EBITDA included €3.3 million of non-recurring items related to extraordinary costs and asset impairment following the fair value measurement of the Inovretail activity, reclassified as assets held for sale. The disposal of Inovretail, subject to an agreement concluded in June 2026, was completed in July 2026.
